Echo, Incorporated, which has a $21$ percent U$.$S$.$ tax rate, plans to expand its business into Country J$.$ It could open a branch office, or it could create a foreign subsidiary in Country J$.$ The branch office would generate $$5,000,000$ income in year $0.$ The foreign subsidiary would incur incremental legal costs and, as a result, would generate only $$4,750,000$ income in year $0.$ This income would be taxed at Country Js $15$ percent corporate rate. Any repatriation of the subsidiarys earnings would qualify for the $100$ percent dividends$-$received deduction.Required:Assume none of the subsidiary's earnings would be considered GILTI or subpart F income, calculate the NPV of the Year $0$ after$-$tax foreign source income from opening a branch office or forming a foreign subsidiary.Should Echo open the branch office or form the subsidiary to maximize year $0$ after$-$tax foreign earnings?